Foodpanda raises $100 mn, to strengthen last-mile delivery
Mobile food delivery app Foodpanda on Friday announced raising of fresh funds to the tune of $100 million (about Rs 635 crore) in a financing round led by Goldman Sachs.
Existing investors, including Rocket Internet SE, also participated in the round. The company will use the funds to expand its operations and strengthen last mile delivery, especially in emerging markets like India.
"Last-mile delivery has been part of Foodpanda's operations since the beginning, it will now accelerate its efforts to drive customer satisfaction, aiming to offer the most convenient way of ordering food from the mobile app and online," Foodpanda said in a statement. The investment will allow the company build a leading mobile food delivery marketplace in emerging markets targeting over three billion consumers, Foodpanda Group co-founder and CEO Ralf Wenzel said.
"The emerging markets represent the largest opportunity in online food delivery," he added. Last month, the company had announced its foray into food delivery segment in the country and said it plans to offer the service to 10-12 Indian cities by the end of the year.
Foodpanda, which has a presence in 39 countries, has raised over $310 million since its launch in 2012. Its investors include Rocket Internet (52 per cent stake), Phenomen Ventures, Investment AB Kinnevik and iMENA Holdings.
Active in over 580 cities globally, Foodpanda has partnered with over 60,000 restaurants. In India, the company has partnerships with more than 3,000 restaurants, including brands like Pizza Hut, Subway, Nirula's, Faasos, Baskin Robbins and Ammi's Biryani.
Previously, the company had raised $110 million in March this year. As part of the financing round, Goldman Sachs Investment Partners will join the advisory board of Foodpanda.
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